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Our primary business strategy is to maintain and grow an investment portfolio of
geographically diverse hotel and travel center properties operated by
experienced managers. We acquire additional hospitality properties primarily
for income and secondarily for appreciation potential. All of our properties
are operated by experienced hospitality managers under long term combination
agreements. These contracts usually require our hospitality operators to
pay us minimum returns or rent plus a share of the increased cash flows
realized from our hotels and travel centers over time. Many of our
operating agreements require our operators to provide some form of
security to protect HPT's minimum cash flows, including subordinated management
and franchise fees, security deposits and/or guarantees.
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